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HR 2251 109th Congress House Taxation Business records Commerce Employee rights Finance and Financial Sector Government Operations and Politics Government paperwork Income tax Insurance premiums Labor and Employment Life insurance Tax exclusion Tax returns

COLI Best Practices Act of 2005

Introduced: May 11, 2005 See on congress.gov
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This bill died when the 109th Congress ended
It never became law before the 109th Congress (2005–2006) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 11, 2005
Referred to the House Committee on Ways and Means.
May 11, 2005
Introduced in House
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 Plain-English summary Congressional Research Service

COLI Best Practices Act of 2005 - Amends the Internal Revenue Code to limit the tax exclusion for benefits paid by employer-owned life insurance contracts upon the death of an insured employee, with certain exceptions for directors and highly compensated employees and for proceeds paid to the heirs of an insured employee. Requires employers to provide written notice to employees of intent to insure their lives and obtain written consent from such employees to being insured under a company-owned life insurance contract.

Imposes certain reporting and recordkeeping requirements for employer-owned life insurance contracts.

What's happening now May 11, 2005

Referred to the House Committee on Ways and Means.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 5
All 5 Democratic 3 Republican 2
R
Calvert, Ken
California · Nov 18, 2005
 R
Sessions, Pete
Texas · Jun 15, 2005
 D
Larson, John B.
Connecticut · May 11, 2005
 D
Neal, Richard E.
Massachusetts · May 11, 2005
 D
Thompson, Mike
California · May 11, 2005
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 2251: COLI Best Practices Act of 2005. 109th Congress. Open America. https://openamerica.io/bill/109-HR-2251/
MLA
"H.R. 2251: COLI Best Practices Act of 2005." 109th Congress, 2026, Open America, https://openamerica.io/bill/109-HR-2251/.
Bluebook (legal)
H.R. 2251, 109th Cong. (2026), https://openamerica.io/bill/109-HR-2251/.
Markdown link
[H.R. 2251: COLI Best Practices Act of 2005](https://openamerica.io/bill/109-HR-2251/)
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